Welcome to the new Independent website. We hope you enjoy it and we value your feedback. Please contact us here.

Business News

BP set to use Rosneft billions to help bolster its flagging share price

BP could be poised to buy back up to £4bn of shares to prop up its flagging share price, in a move likely to anger American regulators. The oil giant has a war chest from the $12.3bn sale of its stake in TNK-BP to Russia's Rosneft. BP said last week it would pay $4.5bn to resolve criminal and civil charges over the April 2010 rig explosion in the Gulf of Mexico that killed 11 workers and caused the worst US offshore oil spill. A BP spokesman declined to comment on reports that it will engage in a share buyback.